Dec 03, 2022 05:51 PM

WORLD

China Oceanwide Has Potential Buyer for $1.2 Billion LA Project

Construction stalled at Oceanwide Plaza in Los Angeles.Photo: Bloomberg

Construction stalled at Oceanwide Plaza in Los Angeles.Photo: Bloomberg

(Bloomberg) — A Chinese developer of beleaguered projects across the U.S. has found a potential buyer for a stalled Los Angeles complex where it spent $1.2 billion before running out of money.

China Oceanwide Holdings Ltd. said a “purchase and sale agreement is now under negotiation” between the company and the potential buyer, according to a filing in Hong Kong Friday.

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